In April 2023, the housing market in the Chicago metro region experienced a notable downturn, with a substantial 20% decrease in the inventory of single-family homes available for sale compared to the previous year. This decline resulted in a total inventory of 18,300 units, reflecting the challenging conditions for prospective buyers in the area.

Also, the number of single-family homes sold during the same month also witnessed a significant drop of 31%. A total of 11,620 homes were sold, indicating a decline in market activity.